By Business Reporter – Friday 10 January 2020
HARARE (Mining Index) – THE Zimbabwe Consolidated Diamond Company (ZCDC) and world’s top diamond producer by output, Alrosa (MCX: ALRS) signed several agreements to finalise the creation of a joint venture (JV) to prospect and explore diamonds in Zimbabwe.
In a press release, ZCDC announced signing a shareholder agreement and a JV establishment agreement in which Alrosa owns 70 percent of Alrosa Zimbabwe Limited JV while ZCDC takes the remaining 30 percent.
In July 2019, ZCDC and Alrosa signed a memorandum of agreement to transform it into a JV for prospecting, exploration and mining of primary diamond deposits in the country.
Alrosa’s chief executive officer Sergey Ivanov and ZCDC non-executive board chairman Engineer Killian Ukama were signatories to both the shareholder agreement and a JV establishment pact.
“We are focused toward productive prospecting and exploration for primary diamond deposits in the Republic of Zimbabwe. Signing current agreements allows us to form the company’s administration and to initiate procedures required to get necessary permissions and licenses,” commented Ivanov.
Alrosa Zimbabwe will initially concentrate its efforts on the licenses ZCDC has in Chimanimani before spreading the wings to explore the rest of the country. ENDS//